PSA Japan Stock Market Strategy for 2025 Q3
As we discussed in our Strategy report published three months ago, four key conditions in place propelled the Japanese stock market higher in 2005 H2. These were (1) cheap valuations, (2) strong earnings growth, (3) BoJ being behind the curve and (4) fund flows going back into Japanese equities (foreign net buying).In our 2 Jan 2025 Japan Perspective, we argue that we were moving towards (but had not yet reached) a situation whereby the first four conditions were being met with sufficient vigour to trigger another leg-up in the stock market. Three months ago, we suggested that the first three were being met, at least as vigorously, and perhaps more so, with a question mark over the fourth. The issue now, is whether the argument is weaker, stronger, or similar. So, it makes sense to revisit the situation, to see what, if anything, has changed.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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